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Author Question: Juanita knits blankets as a hobby and sells them. In the current year, she earns $5,000 from her ... (Read 93 times)

DelorasTo

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on: Sep 13, 2020

Question 1

Jason sells stock with an adjusted basis of $66,000 to JJ Inc., his 60% owned corporation, for its fair market value of $60,000. JJ Inc. sells the stock three years later for $67,000. JJ Inc.'s recognized gain or loss on the sale will be
◦ $0.
◦ ($3,000).
◦ $1,000.
◦ $4,000.

Question 2

Juanita knits blankets as a hobby and sells them. In the current year, she earns $5,000 from her blanket sales and incurs expenses of $600. Juanita does not itemize deductions. On her tax return, she should
◦ report $5,000 of hobby income and deduct $600 of hobby expenses from AGI.
◦ report $5,000 of hobby income and deduct $600 of hobby expenses for AGI.
◦ report $5,000 of hobby income and deduct nothing from AGI since Juanita does not itemize deductions.
◦ report no hobby income and no hobby deductions.
Federal Taxation 2017 Individuals ¦ Pope, Rupert, Anderson ¦ 30th Edition
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Marked as best answer by DelorasTo on Sep 13, 2020

Brenm

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Reply #1 on: Sep 13, 2020
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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DelorasTo

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Reply 2 on: Sep 13, 2020
Thanks for the timely response, appreciate it

Bigfoot1984

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Reply 3 on: Yesterday
Gracias!

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